Federal Register of Legislation - Australian Government

Primary content

SLI 2008 No. 69 Regulations as made
These Regulations amend the Commonwealth Authorities and Companies Regulations 1997 to introduce the title ‘Finance Minister’ and update a list consequential to a body corporate ceasing to be a wholly-owned Commonwealth company. These Regulations also prescribe the composition of audit committees in all Commonwealth authorities and wholly-owned Commonwealth companies.
Administered by: Finance
Registered 02 May 2008
Tabling HistoryDate
Tabled HR13-May-2008
Tabled Senate13-May-2008
Date of repeal 19 Mar 2014
Repealed by Finance (Spent and Redundant Instruments) Repeal Regulation 2014

Commonwealth Authorities and Companies Amendment Regulations 2008 (No. 1)1

Select Legislative Instrument 2008 No. 69

I, PROFESSOR MARIE BASHIR, AC, CVO, Administrator of the Government of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following Regulations under the Commonwealth Authorities and Companies Act 1997.

Dated 1 May 2008

MARIE BASHIR

Administrator

By Her Excellency’s Command

LINDSAY TANNER


Contents

                        1     Name of Regulations                                                        2

                        2     Commencement                                                              2

                        3     Amendment of Commonwealth Authorities and Companies Regulations 1997   2

                        4     Amendment of Commonwealth Authorities and Companies Regulations 1997   3

Schedule 1             Amendments commencing on the day after they are registered  3

Schedule 2             Amendment commencing on 1 January 2009                4

 

 


 

1              Name of Regulations

                These Regulations are the Commonwealth Authorities and Companies Amendment Regulations 2008 (No. 1).

2              Commencement

                These Regulations commence as follows:

                 (a)     on the day after they are registered — regulations 1 to 3 and Schedule 1; and

                (b)     on 1 January 2009 — regulation 4 and Schedule 2.

3              Amendment of Commonwealth Authorities and Companies Regulations 1997

                Schedule 1 amends the Commonwealth Authorities and Companies Regulations 1997.

4              Amendment of Commonwealth Authorities and Companies Regulations 1997

                Schedule 2 amends the Commonwealth Authorities and Companies Regulations 1997.


Schedule 1        Amendments commencing on the day after they are registered

(regulation 3)

  

[1]           Subregulation 4A (1)

omit

Minister for Finance and Administration

insert

Finance Minister

[2]           Schedule 1, Part 2, item 202

omit

Schedule 2        Amendment commencing on 1 January 2009

(regulation 4)

[1]           After regulation 6

insert

6A           Audit committees for Commonwealth authorities (Act s 32)

         (1)   For subsection 32 (2) of the Act, the audit committee of a Commonwealth authority is to be constituted as follows:

                (a)    the chair of the committee must be a person other than:

                          (i)    the chair of the authority; or

                         (ii)    an executive director of the authority;

               (b)    the committee:

                          (i)    must be made up of at least 3 persons; and

                         (ii)    may include only 1 person who is an executive director of the authority; and

                         (iii)    must not include senior managers or employees of the authority other than the executive director mentioned in subparagraph (ii).

         (2)   To avoid doubt, a committee may include persons who are not directors of the authority.

Note   The chair of the committee may, for example, be a non‑executive director (other than the chair of the authority) or an external appointee of the authority.

         (3)   The quorum for meetings of the committee is:

                (a)    2 persons; or

               (b)    if the majority of the committee is greater than 2 persons — that number of persons.

6B           Audit committees for wholly‑owned Commonwealth companies (Act s 44)

         (1)   For subsection 44 (2) of the Act, the audit committee of a wholly‑owned Commonwealth company is to be constituted as follows:

                (a)    the chair of the committee must be a person other than:

                          (i)    the chair of the company; or

                         (ii)    an executive director of the company;

               (b)    the committee:

                          (i)    must be made up of at least 3 persons; and

                         (ii)    may include only 1 person who is an executive director of the company; and

                         (iii)    must not include senior managers or employees of the company other than the executive director mentioned in subparagraph (ii).

         (2)   To avoid doubt, a committee may include persons who are not directors of the company.

Note   The chair of the committee may, for example, be a non‑executive director (other than the chair of the company) or an external appointee of the company.

         (3)   The quorum for meetings of the committee is:

                (a)    2 persons; or

               (b)    if the majority of the committee is greater than 2 persons — that number of persons.


Note

1.       All legislative instruments and compilations are registered on the Federal Register of Legislative Instruments kept under the Legislative Instruments Act 2003. See http://www.frli.gov.au.